Info Edge agrees to invest Rs 10.6 Crore in Bizcrum Infotech

Info Edge (India) Limited informed the bourses on Tuesday that it has entered into an agreement through its wholly-owned subsidiary to invest up to Rs 10.6 crore in Bizcrum Infotech Private Limited.

As stated by the company in an exchange filing, the investment falls under the category of related party transactions since Bijnis is an associate company of Info Edge and the transaction was carried out on an arm's length basis.

Bizcrum Infotech is in the business of building a B2B platform primarily focused on lifestyle and fashion verticals, solving the problem of discovery, payments and logistics by digitally bridging the gap between suppliers and retailers. It aims to build an all-round one app solution for manufacturers from building their distribution to helping them with finance, production automation, etc.

This investment will result in Info Edge obtaining a 28.22 per cent stake on fully converted and diluted basis. It would also help the company in consolidating its presence into the aforesaid line of business within the internet services industry. Bizcrum Infotech had a turnover of Rs 9.15 crore in FY20.

Info Edge (India) Limited is a holding company providing information technology services. The company is involved in online classifieds business. Its segments include 99acres, Recruitment Solutions and Online Restaurant Discovery among others.

The stock of Info Edge was trading at Rs 3,259.90, up by 0.19 per cent or Rs 6.05 per share at 12 p.m. on Tuesday. The 52-week high is Rs 3,310 and the 52-week low is recorded at Rs 1,580 on BSE.